Guided By History » 2011 » Novemberhttps://blogs.wellsfargo.com/guidedbyhistory
A blog about History & CommunityThu, 23 Jul 2015 12:00:15 +0000en-UShourly1http://wordpress.org/?v=4.2.3A marathon bank, pt. 1https://blogs.wellsfargo.com/guidedbyhistory/2011/11/a-marathon-bank-pt-1/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/a-marathon-bank-pt-1/#commentsTue, 29 Nov 2011 23:30:54 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/a_marathon_bank_pt_1.htmlContinue reading →]]>How many times have you heard the comment, “It’s a marathon, not a sprint”?Often my son wants proof of immediate success—was he the fastest in the race, did he score the most goals, did he win?

While I commend his spirited competitiveness, I am trying to instill in him a sense of patience, and how practice and pacing himself can lead to even better results in the long run.

One such example in the financial realm was the Philadelphia Bank (PB). Founded in 1803 in the shadow of the already established banks, the Bank of Pennsylvania’s intent was neither to grow the fastest nor become the biggest. Within its first several years, it began printing its own banknotes in its basement.

For further growth the Philadelphia Bank (PB) looked west to under-served markets, and in 1809 received permission from the state to open eight branches outside of Philadelphia. While these branches were intended to benefit from the growth of the resource-rich Pennsylvania interior, they seldom earned much money.

Branch expansion showed the PB that it should not spread its resources too thin, given the lack of easy communication and control of outlying offices. (Branches did come in handy, however, during the War of 1812. That’s when the Philadelphia Bank moved its gold and silver away from Philadelphia’s seaport to its Harrisburg branch.)

“Although the progress of the Philadelphia Bank was by no means spectacular," one 1820 reference noted, "it was steady and sure.” Having learned that branch banking was not an ideal model for the period, the PB expanded through correspondent banking relationships in western and southern states, including Georgia, Tennessee, Alabama, Louisiana and Ohio. It also began to focus on industries surrounding Philadelphia and the Delaware River region. E.I. DuPont, for example, opened its first account with the Philadelphia Bank in 1819.

The 1830s saw nearly another decade of steady growth until the jolt caused by the Panic of 1837. When President Andrew Jackson dissolved the Second Bank of the United States, and required that land sales be paid only with hard currency, the country saw a dramatic contraction in credit and economic activity.

The PB had maintained a conservative profile before the Panic, and came through the cycle in stronger condition than most banks. Consequently, it had become the largest bank in Philadelphia by 1842, less than forty years after its founding.

By 1850, other fast growing banks had surpassed the PB in size, it stuck to its knitting and continued to make improvements. Following the Panic of 1857, Philadelphia banks formed a clearinghouse to facilitate easier settlements between them. The PB also added a General Accountant in 1858 to focus on proper accounting given its greater size.

Not only did the 1860s try all banks because of the Civil War and its strain on credit, but the era ushered in a new chapter—national banking. The Philadelphia Bank petitioned the Commonwealth of Pennsylvania in 1864 to relinquish its state charter and received permission in summer. On October 25, 1864, the Philadelphia Bank received national charter number 539 and opened for business as the Philadelphia National Bank.

The start of the next decade saw bank management decide to dispose of any documents or ledgers greater than 20 years. With the exception of the board minutes, much of the bank’s early history was sold to rag merchants and lost to posterity. Nonetheless, the bank continued to grow.

In the part two, I’ll discuss the Philadelphia National Bank’s move into the “American century,” and its improvements as the 21st century neared.

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/a-marathon-bank-pt-1/feed/0We gather together…https://blogs.wellsfargo.com/guidedbyhistory/2011/11/we-gather-together/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/we-gather-together/#commentsWed, 23 Nov 2011 13:00:32 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/we_gather_together.htmlContinue reading →]]>In 1954, the Northwestern (National Bank) News had this item the week after Thanksgiving. It reminds us that Thanksgiving is for the young, even if the old take it over with football and neckties. Food for thought.

GBHis thrilled to present Barbara Yager, who is introducing this year’s Plush Pony. Barbara works for Wells Fargo Enterprise Marketing in Charlotte North Carolina, and manages the Plush Pony program. There is no one better for this project than Barbara, because she is a passionate lover of horses. She has been riding since she was a little girl and to this day still owns 3 horses and rides 4-5 times a weeek in her dressage arena.

If you have recently gone into your local Wells Fargo store, you may have noticed all the snowflakes.

No, not the “Let it snow!” kind—I’m referring to the white plush ponies named Snowflake, displayed all over the store.

Each year, during the holiday season, Wells Fargo gives away thousands of plush ponies to new checking customers who open a new checking package, or to customers who refer a friend to open one. It is a great holiday gift, and has become a collectable item. Wells Fargo currently has 12 plush ponies that have been developed over the years, and each pony is modeled after a real horse in Wells Fargo’s history.

Stores also have large plush ponies that are used as displays throughout the campaign and later donated to local charities.

This year’s pony, Snowflake, is modeled after a Wells Fargo express wagon horse from the 1880s. The historical Snowflake led a team of horses that helped deliver money, merchandise, important papers, and packages from Jersey City across the Hudson River into Manhattan. Edward Hopper’s illustration for the March 1917 cover of the Wells Fargo Messenger magazine depicted a team in harness just like Snowflake.

Activity books featuring Snowflake and her journey are available in English, Chinese, and Spanish at select Wells Fargo stores and online. Stop by your local Wells Fargo and meet our newest edition to the Wells Fargo plush pony collection … Snowflake!

Do you already have a plush pony from the Wells Fargo history? If so, which one (or ones) do you have?

To qualify for the plush pony, a new Wells Fargo consumer or business checking customer must open and fund a new eligible Wells Fargo Checking Package checking account or Wells Fargo Business Services® Package checking account. New Wells Fargo Checking Package checking accounts and new Wells Fargo Business Services Package checking accounts each require a $100 minimum opening deposit. Eligible Wells Fargo Checking Packages are PMA® Package, Complete Advantage® Package, Premium Membership® Package, Custom Management®Package, Way2Save®Package, Preferred Package, Wells Fargo At WorkSM Package, College Combo®or Opportunity PackageSM. Eligible Wells Fargo Business Services Packages are Wells Fargo Advantage® Business Services Package, Expanded Business Services® Package, Analyzed Business Services® Package, Wells Fargo Gold® Business Services Package and Platinum Business Services Package. See banker for Checking Package or Business Services Package details. Offer valid from 11/14/2011 through 12/31/2011 in all participating regions except LA Metro/Orange County and Arizona, where the offer expires 1/14/2012, or while supplies last, and cannot be combined with any other offer. Limit one plush pony per customer. Customer will receive the plush pony at the time of opening and funding the new Wells Fargo Checking Package checking account or Wells Fargo Business Services Package checking account. Offer is only available at participating Wells Fargo banking locations. Wells Fargo team members are not eligible for this offer.

To qualify for the plush pony, a new Wells Fargo consumer checking customer must present a referral card (photocopies cannot be accepted) and open a new eligible Wells Fargo Checking Package checking account with a $100 minimum opening deposit. Eligible Wells Fargo Checking Packages are PMA® Package, Complete Advantage® Package, Premium Membership® Package, Custom Management® Package, Way2Save® Package, Preferred Package, Wells Fargo At WorkSM Package, College Combo® or Opportunity PackageSM. See banker for Checking Package details. Offer valid from 11/14/2011 through 12/31/2011 in all participating regions except LA Metro/Orange County and Arizona, where the offer expires 1/14/2012, or while supplies last, and cannot be combined with any other offer. Limit one plush pony per customer. Referring customer must be an existing Wells Fargo consumer checking customer. If all eligibility requirements are met, new customer will receive a plush pony at the time of opening and funding a new Wells Fargo Checking Package checking account, and the referring customer will be contacted within 30 days to make arrangements to receive a plush pony. All accounts must be funded during promotional period. Wells Fargo team members are not eligible for this offer.

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/welcome-snowflake/feed/19Wells Fargo in Philadelphiahttps://blogs.wellsfargo.com/guidedbyhistory/2011/11/wells-fargo-in-philadelphia/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/wells-fargo-in-philadelphia/#commentsWed, 16 Nov 2011 18:45:33 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/wells_fargo_in_philadelphia.htmlContinue reading →]]>Thursday November 17, 2011, Well Fargo opens our 12th History Museum. It’s in Philadelphia (with a bit of history of its own!)

Incidentally, you’re not seeing double. We did blog only a few weeks back about our 11th Museum, in Charlotte. Yup, two Museums within a month—everybody around here is pretty winded…

Anyway, here are some images of the new Museum in Philadelphia, and some historical images from the Wells Fargo Messenger in 1916. That article was boasting about our new Express offices in the City of Brotherly Love, too. History repeats, and we’re thrilled.

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/wells-fargo-in-philadelphia/feed/0America’s 19th century reality showhttps://blogs.wellsfargo.com/guidedbyhistory/2011/11/americas-19th-century-reality/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/americas-19th-century-reality/#commentsTue, 15 Nov 2011 19:30:49 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/americas_19th_century_reality.htmlContinue reading →]]>Michael Shanahan has spent most of the past twenty years working for Wells Fargo Historical Services in one capacity or another. He currently manages the Wells Fargo Museums in Sacramento, California. We are thrilled that blogging is his latest capacity! (CR)

This fall marks the 130th anniversary of one of the most infamous episodes in the history of the American frontier—the gunfight at the OK Corral. An estimated 300 movies, television shows, books and magazine articles have been created using the October 26, 1881 shootout in Tombstone, Arizona as inspiration.

Few incidents have such a ubiquitous place in popular culture. Law enforcement and the military, all these years later, often refer to the experience of close quarters combat as “like being at the OK Corral.” The city of Tombstone, whose economy is supported solely by tourism, stands as a shrine to the bloody events that occurred there.

But what is it about this 30 second gun battle, the climax of a long forgotten political feud in one of the most remote parts of the country, that has seared it into our collective memory?

But the extraordinary nature of the gun battle alone can’t explain its notoriety. Did the famous personalities involved make the events in Tombstone such an enduring part of the history of the American West?

Except for Wyatt Earp, none of the others involved, including Doc Holliday, were well known before the events in Tombstone. And Earp—far from being known as a gunfighter—had only killed one man before arriving in Arizona, and that was in his capacity as a deputy marshal in Dodge City, Kan. As a matter of fact, Earp was well known for not carrying a firearm.

So what was it then? Why has this fragment of history, which could just as easily have been forgotten, become so powerfully etched into our popular culture?

The actual reason for this 19th century episode’s enduring fame may sound more like something from the 21st century: Innovative use of a developing technology and competition between media companies for audience share!

The New York Associated Press was started in 1846 as a consortium of four newspapers that agreed to share resources in the reporting of the Mexican-American War. By the late 19th century, simply known as “AP,” it had followed the march of civilization west into the American frontier.

Telegraph service was established in Tombstone in February 1881. At that time AP was locked in a battle for market dominance with rival wire services Western Associated Press and United Press. This competition led to an intense hunt for new “stringers,” newspapers that could both subscribe to the wire services and contribute stories to the growing network of publications.

John Clum, publisher of the Tombstone Epitaph, jumped at the chance to join the AP network. A Republican, supporter of mining interests and the Earps, Clum began submitting stories regularly to AP. The popular perception of the Earp brothers as the “good guys” and the Cowboys as the “bad guys” endures in part because the Daily Nugget, a rival newspaper in Tombstone—Democratic-leaning a supporter of the Cowboys—had no wire service affiliation.

The stage line from Tombstone to Benson, that also ran south to Bisbee, became notorious for hold-ups. In fact, James Hume , Wells Fargo’s chief detective, was relieved of $75 and “two fine pistols” during a hold-up along the line. This embarrassing incident is probably what prompted Hume to describe Tombstone as: “Six thousand population, five thousand bad, one thousand of these are known outlaws.”

Eventually Hume dispatched one of his most trusted deputies, special agent Fred Dodge, to look after Wells Fargo’s affairs in Tombstone. Although at various times Wyatt, Morgan and Virgil Earp were employed as shotgun messengers guarding Wells Fargo treasure boxes, Wells Fargo did not condone or encourage the tragic violence that erupted on the streets of the small mining town.

But the dramatic tale, spun by Clum, of the feud between the heroic Earp brothers as protectors of legitimate commerce and the rule of law, vs. the violent and lawless “Cowboys,” struck a chord with late 19th century newspaper audiences. As far away as Philadelphia and New York, readers couldn’t wait for the latest dramatic story from the high desert boomtown.

Several newspapers, some from as far away as Denver and San Francisco, had their own correspondents covering the story. Just as Buffalo Bill’s tireless promotion of the Pony Express catapulted that brief episode into a prominent place in Frontier mythology, the AP’s updates on the events in Tombstone were followed by millions across the country, and made the bloody feud and its participants famous.

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/americas-19th-century-reality/feed/2Roll of Honorhttps://blogs.wellsfargo.com/guidedbyhistory/2011/11/roll-of-honor/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/roll-of-honor/#commentsFri, 11 Nov 2011 18:11:11 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/roll_of_honor.htmlContinue reading →]]>The Wells Fargo Archives recently processed materials from Connecticut. These historical items are from the Stamford Trust Co., which eventually rolled into First Union and then Wachovia Bank. This poster was part of the yield:

The five soldiers shown were Stamford Trust team members and later served as executives, and on the Board of Directors. This poster was the bank’s way of motivating citizens to buy war bonds: Stamford Trust bought $100K worth and had five guys serving. Doing their part.

Today, we all do our part by honoring service to our country. Thank you, Veterans!

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/roll-of-honor/feed/0Occupyhttps://blogs.wellsfargo.com/guidedbyhistory/2011/11/occupy/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/occupy/#commentsThu, 10 Nov 2011 13:00:34 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/occupy.htmlContinue reading →]]>The Occupy Wall Street movement has received a lot of attention during the past few months as it continues to protest the wealthiest “1%,” a group they hold responsible for the plight of “the 99%.” The current Occupy movement expresses a long-simmering feeling that too many people have too small a share in our national successes.

This isn’t new. Indeed, it’s been an American attitude since the earliest:

Occupy is a movement whose path is still being traced. As often happens, populist movements are given time to make their presence known, then are met with disapproval and force. But it sometimes happens too, that their point of view becomes the prevailing view in time.

]]>https://blogs.wellsfargo.com/guidedbyhistory/2011/11/occupy/feed/0Skywayhttps://blogs.wellsfargo.com/guidedbyhistory/2011/11/skyway/
https://blogs.wellsfargo.com/guidedbyhistory/2011/11/skyway/#commentsWed, 02 Nov 2011 21:30:52 +0000https://blogs.wellsfargo.com/guidedbyhistory/2011/11/skyway.htmlContinue reading →]]>Only two weeks ago, the weatherman on Minnesota Public Radio used the “s” word: snow. Thankfully, he was referring to snow in Siberia, which meteorologists think might influence how cold the winter gets in the Eastern US.

Now that the weather here is going through its usual wild swings between highs and lows, I’m thankful for another “s” word: skyway.

The Minneapolis skyway system stretches about 8 miles, through more than 60 blocks of the downtown area. It’s easy to get lost, but you could find yourself next to some of the best lunch spots in the city. The skyways allow you to avoid car traffic, bad weather, and having to wear a parka every time you wander out to grab some coffee.

I was interested to learn the other day that the Skyways are also part of Wells Fargo history, coming to us via the Norwest merger.